Tinubu Unveils $50bn Framework for Offshore Investments

President Bola Ahmed Tinubu has approved a new investment framework designed to unlock up to $50 billion in deep offshore investments and revitalize major capital-intensive offshore projects in Nigeria. Bayo Onanuga, the Special Adviser to the President on Information and Strategy, announced this on Tuesday, stating that the reform will replace project-by-project negotiations with a transparent, rules-based framework for qualifying developments.

The framework aims to support the next generation of deep offshore projects, starting with the approximately $10 billion Bonga South West project, while enhancing Nigeria’s competitiveness in attracting global investment. This decision followed Tinubu's discussions with Shell plc Chief Executive Officer Wael Sawan.

The reform, implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, establishes clear eligibility criteria and procedures to provide investors with greater certainty while safeguarding Nigeria’s long-term interests. It also empowers NNPC Limited to amend eligible contracts to implement the framework, emphasizing the strengthening of local capacity and job creation.